President Bush has again urged Congress to approve his plan for adding private investment accounts to the national retirement system known as Social Security.
In Saturday's weekly radio address, Mr. Bush repeated his warning that the system will soon run short of money because the amount collected in taxes is far less than the money needed to pay benefits. He stressed that if Congress does not act, the government could be forced to dramatically increase taxes, borrow money or reduce Social Security benefits.
Under Mr. Bush's plan, younger workers would be able to divert some of their Social Security taxes into private accounts that could be invested in stocks or bonds.
Speaking for the opposition Democratic party, US Senator Charles Schumer, of New York said the federal retirement program only needs fine-tuning. He said Mr. Bush's plan will not fix the system's long-term financial problems.
Some information for this report provided by AP and Reuters.